As we all know, essentially the entire Republican economic philosophy is based upon deregulation and tax cuts. It’s an interesting stance considering Republicans have finally admitted that over the last 40 years income inequality has become a major problem. Of course, those years just so happen to coincide with “trickle-down” economics, otherwise known as the promise that tax cuts for the rich will benefit all of us. Each and every time a Republican admits that income inequality has been a problem over the last 40 or so years, all they’re really doing is admitting that trickle-down economics has been an absolute failure.
But the truth of the matter is, you really have to be naive or brainwashed to believe that cutting taxes for the rich will benefit the rest of us. Since the dawn of this failed economic philosophy all that’s happened is the rich have gotten richer, the middle class has fallen further and further behind and our national debt has ballooned to over $18 trillion and growing. The only ones who’ve benefited from this con have been the wealthy.
Even with those facts being indisputable, to listen to Republicans talk about any sort of tax hikes or regulation you’d think it was going to lead to a complete collapse of our economy and the elimination of millions of jobs.
That’s nonsense. In fact, California Governor Jerry Brown just obliterated Republican economic talking points during his state’s State of the State Address when he boasted about the fact that California has created two million new jobs since 2011 – despite fairly substantial tax hikes.
Oh, and by the way, the state also has a huge budget surplus.
As Politifact found:
Experts we spoke with said this is a ‘net job creation’ total. And because many jobs were also lost during this period, the gross number of positions created would have been well over two million.
“I believe the governor is correct,” Adibi told us. “The economy actually has done pretty good during his leadership.”
For some perspective, the two million jobs created in California accounts for about one-sixth of the nation’s net 12.4 million jobs added during the same period, according to U.S. Bureau of Labor statistics.
It’s also roughly 600,000 more jobs than Texas added during the same period, the federal labor data show. Texas officials, including former Gov. Rick Perry, have made repeated efforts to siphon jobs away from the Golden State.
The last part I absolutely loved considering Republicans in Texas frequently claim that the low taxes and fewer regulations make Texas a better place to do business. California has actually created 600,000 more jobs than the Lone Star State since 2011.
To put this in another way, since 2011, California:
- Raised taxes on the rich fairly substantially.
- Still maintains an eco-friendly state with fairly strict regulations.
- Balanced their budget and created a huge surplus.
- Created 2 million jobs, 600,000 more than “low-tax, business friendly” Texas.
Basically California, on the heels of the worst economic collapse since the Great Depression, did the exact opposite of everything Republicans say a government must do in order to grow an economy and balance a budget – and have seen enormous economic success since doing so to the tune of one-sixth of the entire country’s job creation since 2011 and a huge budget surplus.
In other words, Governor Jerry Brown did nearly everything that the GOP says will wreck an economy and bloat a deficit… and proved that Republicans are full of crap.